BVCA Summit 2010
Alan Milburn, former UK Cabinet Minister, today called on the private equity industry to win the "battle for hearts and minds".
Speaking in a personal capacity at the BVCA Summit 2010 in London today, Mr Milburn said:
"It is time for the industry to get off the back foot and on to the front foot. It has been hiding its light under a bushel. The best way of battling ideology and ignorance is not to shy away from the debate but to engage in it. It is a battle for hearts and minds.
"It is easy to develop a siege mentality but the ostrich-head-in-the-sand approach is not the way to proceed. It requires cool reflection, a shift in strategy and a concerted effort to engage. The industry needs to build a coalition of support, and this means getting out and winning some key arguments. The role private equity can play in the economy is needed now more than ever."
Also speaking at the BVCA Summit 2010 was Marco Pagni, Chief Administrative Officer of Alliance Boots. He said:
"Today, I believe strongly in the ownership model we have at Alliance Boots - we have a partnership between a private equity and a private owner, where the owners' direct involvement means decisions are made rapidly and efficiently for the future growth of our business. Since being taken private three years ago, Alliance Boots has invested over £1bn across the Group, increased employment by 10% to 115,000 and each year delivered double digit profit growth."
Notes to editor
- The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has approximately 520 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.
- The BVCA Summit is Europe's premier one-day private equity and venture capital conference. It is taking place at the Landmark Hotel, London. For an agenda and list of speakers, please click here.
- Photographs of Alan Milburn and Marco Pagni available at http://bit.ly/photosBVCAsummit2010